Wall Street Journal
May 8, 2010
The euro will probably survive the current scare but nobody will trust it like they used to.
Nathan Rothschild famously quipped, "Buy when there is blood in the streets," but he never said anything about firebombs thrown at Greek riot police, a trillion dollar easing of the money supply, or synthetic collateral debt obligations.
And so, after facing turmoil in the sovereign debt markets, the Dow Jones Industrial Average is down 5.7% this week—and slightly down for the year. The FTSE and the DAX are down, while Greece's Athex Composite index is off 12.8% for the week and a whopping 25.5% so far this year.
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